Newmont (NYSE:NEM) Price Target Raised to $115.00

Key Points

• Bank of America has raised its price target for Newmont (NYSE:NEM) from $105.00 to $115.00, reflecting a potential upside of 23.01% from the previous closing price.
• The consensus rating for Newmont among analysts is "Moderate Buy", with an average price target of $86.69, despite a recent downgrade by Weiss Ratings.
• Newmont's quarterly earnings reported $1.43 EPS, exceeding analyst expectations and showcasing a 20.8% year-over-year increase in revenue.

Newmont (NYSE:NEM - Get Free Report) had its price objective raised by analysts at Bank of America from $105.00 to $115.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the basic materials company's stock. Bank of America's target price would suggest a potential upside of 23.01% from the company's previous close.

Several other equities analysts also recently commented on NEM. The Goldman Sachs Group set a $104.30 target price on Newmont and gave the stock a "buy" rating in a research report on Sunday. BNP Paribas Exane raised their target price on Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a research report on Monday, September 15th. Stifel Canada upgraded Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. National Bankshares restated an "outperform" rating on shares of Newmont in a research report on Monday, September 22nd. Finally, Weiss Ratings downgraded Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, October 8th. Four analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and an average price target of $86.69.

Newmont Price Performance

Shares of NEM stock opened at $93.49 on Thursday. The stock has a 50 day moving average of $78.22 and a two-hundred day moving average of $63.33. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont has a 12 month low of $36.86 and a 12 month high of $93.93. The company has a market capitalization of $102.70 billion, a P/E ratio of 16.78, a P/E/G ratio of 0.99 and a beta of 0.34.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter last year, the company earned $0.72 EPS. The company's quarterly revenue was up 20.8% on a year-over-year basis. As a group, equities analysts expect that Newmont will post 3.45 EPS for the current year.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total transaction of $176,779.20. Following the completion of the sale, the director directly owned 36,869 shares of the company's stock, valued at $3,133,496.31. The trade was a 5.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,249 shares of company stock valued at $1,132,065. Company insiders own 0.05% of the company's stock.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently made changes to their positions in the stock. Cloud Capital Management LLC bought a new position in Newmont during the first quarter worth about $26,000. Colonial Trust Advisors increased its holdings in shares of Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after acquiring an additional 429 shares in the last quarter. Concord Wealth Partners increased its holdings in shares of Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock worth $27,000 after acquiring an additional 385 shares in the last quarter. Evermay Wealth Management LLC increased its holdings in shares of Newmont by 408.2% in the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company's stock worth $29,000 after acquiring an additional 400 shares in the last quarter. Finally, Private Trust Co. NA increased its holdings in shares of Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after acquiring an additional 347 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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